How to Update the Starwood Monthly Investor Report

Learn how to correctly roll forward directories, link external data tapes, and validate the rollforward schedule for the Starwood Monthly Investor Report.

June 19, 2026 By Eddy Kup

This guide explains how to perform the monthly update for the Starwood Monthly Investor Report. By following this process, you will successfully roll forward the file directory, update the Monthly Investor Data Tape (MIDT) inputs, and validate the ending portfolio balances to ensure all report metrics are accurate.

This workflow applies to reporting analysts and finance teams responsible for generating standard monthly investor deliverables. It should be performed at the close of each reporting cycle once the new M3 external data tape is available.

Create the New Month's Directory

Start by rolling forward the previous month's files to establish your working directory for the current period.

Copy the final report files from the previous month's directory.

Step #2: Navigate up to the main Starwood reporting folder. — Navigate up to the main Starwood reporting folder.

Step #3: Right-click in the empty space of the folder pane. — Right-click in the empty space of the folder pane.

Step #4: Select Folder to create a new directory. — Select **Folder** to create a new directory.

Type the name of the new reporting month (e.g., "April 2026") and press Enter.

Paste the copied files into the newly created folder.

Rename each file, changing the word "Final" to "Draft" and updating the timestamp to today's date.

Link External Workbooks

The report relies on several interconnected files. You must update the source links so the main template pulls from the current month's supporting data.

File Type	Purpose	How to Update
Report Template	The primary Excel workbook containing the rollforward and output sheets.	Open directly; update workbook links within.
Portfolio Strat	The supporting stratification data file.	Serve as the external source for the template.
Word Report	The final text-based investor summary.	Update dates manually in the new draft copy.

Step #8: Double-click on the Starwood Monthly Investor Report Template to open it. — Double-click on the **Starwood Monthly Investor Report Template** to open it.

Step #9: Open the Workbook Links side panel to manage external connections. — Open the **Workbook Links** side panel to manage external connections.

Step #10: Click Change source to update the link to point to the current month's Strat file. — Click **Change source** to update the link to point to the current month's Strat file.

Update the Monthly Investor Data Tape (MIDT)

All manual inputs belong in the yellow tabs. You will need to move the previous month's current data to the "last month" tab, and paste the fresh M3 export into the current month tab.

Be cognizant of your investor cutoff dates. The cutoff date is typically one day before the as-of date (e.g., if the last payment date is the 13th), but some investors require mid-month or month-end cutoffs.

Update the cutoff date at the top of the spreadsheet to reflect the new reporting period.

Copy the current month's data block from the previous reporting cycle.

Paste it into the last month MIDT tab to successfully roll the data forward.

Copy the newly generated source data from your external M3 tape export.

Step #15: Navigate to the yellow M3 MIDT Input - Current Month tab in your template. — Navigate to the yellow **M3 MIDT Input - Current Month** tab in your template.

Paste the new M3 data directly into the input tab.

Verify the Rollforward Checks

Once the data is populated, you must check your rollforward schedule to ensure no activities are missing or double-counted.

The ending portfolio balance must exactly equal the sum of the beginning portfolio balance plus all recorded activities.

Step #17: Review the Rollforward Presentation tab to verify that the ending balance calculates properly. — Review the **Rollforward Presentation** tab to verify that the ending balance calculates properly.

Step #18: Check specific metrics like scheduled principal amortization to ensure all variance checks clear to zero. — Check specific metrics like scheduled principal amortization to ensure all variance checks clear to zero.

Step #19: Open the filter dropdown on the Parent M3 ID column if you need to investigate child records or loans collateralized by multiple properties. — Open the filter dropdown on the **Parent M3 ID** column if you need to investigate child records or loans collateralized by multiple properties.

Step #20: Click OK after selecting the desired IDs to isolate the dataset. — Click OK after selecting the desired IDs to isolate the dataset.

Step #21: Use the provided slicers to quickly filter the final validation data by Status or Report Bucket. — Use the provided slicers to quickly filter the final validation data by Status or Report Bucket.

FAQ

Q: What should the ending portfolio balance equal?

A: The ending portfolio balance must equal the exact sum of the beginning portfolio balance plus all loan activities for the reporting period. If it doesn't tie out, a check will flag on the rollforward tab.

Q: What cutoff date should I use for the MIDT?

A: The cutoff date is usually one day before the as-of date (for instance, if the last payment date is the 13th). Always verify investor-specific requirements, as some investors use mid-month and others use month-end cutoff dates.

Glossary

Term	Definition
MIDT	Monthly Investor Data Tape; the primary external data source containing the updated monthly loan metrics.
M3	The system of record from which the external monthly data tapes are exported.
Rollforward	A financial schedule demonstrating the reconciliation between a beginning portfolio balance and an ending portfolio balance.
Strat File	A supporting stratification file that groups underlying loan portfolio data by specific risk or performance attributes.